indrefs.com

Sign in with Facebook
Sign in with Facebook
Welcome, Guest
Username: Password: Remember me

TOPIC: Selling of a mortgaged property

Selling of a mortgaged property 8 months 2 days ago #8473

Hi friends, i currently stay abroad and parents are selling a house back in India. The house is currently in mortgage and the agent says:
1. Do stamp duty registration (paid by buyer)
2. Register the Sale Deed
3. Received a DD of initial amount
4. Buyer the submits registered sale deed to his bank and then bank proceeds to get NOC and other docs from the society
5. All verified bank proceeds to the other bank who has the original house docs and then settles the remaining loan amount and pays the remaining to the us.

During step 1-3 there will be MOU between my parents and the buyer stating the house posession states with them until the remaining amount is paid.

Can you please advice if this is correct?
  • Mohd
  • Mohd's Avatar
  • OFFLINE
  • Fresh Boarder
  • Posts: 1
  • Karma: 0
The administrator has disabled public write access.

replyhave something to say register login button



Selling of a mortgaged property 8 months 2 days ago #8474

This process sounds good to me. However, make sure that you also mention the pending amount in sale agreement and register the same in the registrar's office. This will ensure that the buyer will definitely pay the amount.
  • Krishna
  • Krishna's Avatar
  • OFFLINE
  • Moderator
  • There is nothing stronger than the power of inform
  • Posts: 3326
  • Thank you received: 139
  • Karma: 17
Krish
Moderator
www.indrefs.com

Ensure that you get professional help! My inputs are just guidelines!

For questions on how to post in the forum , click here
The administrator has disabled public write access.

replyhave something to say register login button

Time to create page: 0.522 seconds

Latest News

Loss from immovable property (houses) can be set o...
22 Apr 2017 14:27 - Krishna

Based on the amendments effective from FY 2017-2018, any loss on house property incurred in a financ [ ... ]

Software problem creates Property Tax Payment issu...
22 Apr 2017 09:04 - Krishna

Software problem has thwarted BBMP's idea of collecting a lion's share of its property tax within th [ ... ]

How to maintain a high credit score?
16 Apr 2017 19:41 - Krishna

Various factors influence a credit score, some of them being: payment history, credit utilization ra [ ... ]

Depreciation on Rental Properties as an Indian Res...
16 Apr 2017 18:57 - Krishna

Rental income, which is often taxable and a source of income for many taxpayers, is considered passi [ ... ]

Ready Reckoner rate hike to increase hard
09 Apr 2017 20:46 - Krishna

The rise in ready reckoner rates in all prime locations of the city and its outskirts is to hit the  [ ... ]